A significant player is doubling down on its Solana investment strategy, signaling strong confidence in the blockchain network. DeFi Development, which recently transitioned from the real estate technology sector (formerly operating as Janover), intends to raise up to $1 billion through securities offerings to fuel further acquisitions of SOL tokens.
This ambitious capital raise, detailed in a recent SEC shelf registration, aims to fund “general corporate purposes, including the acquisition of Solana.” The offering may encompass a variety of financial instruments, including common and preferred stock, debt securities, warrants, and units, providing flexibility in its funding approach.
DeFi Development isn’t new to the Solana ecosystem; the company has already built a substantial position, holding approximately $48.2 million worth of SOL. Furthermore, it plans to actively participate in the network by operating validators, aiming to generate returns through staking rewards. [Learn more about crypto staking strategies]
The firm’s strategic redirection towards digital assets follows a major leadership overhaul earlier this month. Key appointments include former Kraken executives Joseph Onorati (CEO and Chairman) and Parker White (COO and CIO), alongside John Han (CFO), who brings experience from both Binance and Kraken. This new team has firmly centered the company’s treasury strategy around Solana.
To accelerate its Solana network investments, the publicly traded entity also recently secured a convertible note facility potentially worth up to $500 million. Beyond the $1 billion shelf registration, DeFi Development is registering 1.24 million shares for early backers, highlighting significant institutional interest.
Notable early investors involved include prominent crypto venture capital firms Pantera Capital and Arrington Capital, as well as Payward, the parent organization behind the Kraken cryptocurrency exchange. This backing underscores the perceived potential of the company’s Solana-focused strategy. [Explore the growing Solana ecosystem]